5/29/13 babies in SC can get $529 college grant - WCIV-TV | ABC News 4 - Charleston News, Sports, Weather

5/29/13 babies in SC can get $529 college grant

COLUMBIA, S.C. (AP/WCIV) - The South Carolina Treasurer's Office is offering a $529 college saving grant to every baby born in the state on Wednesday.

The state's college savings plan is called a 529 account, so Treasurer Curtis Loftis says he decided to give a boost to any baby born on 5/29.

The $529 grant is privately funded and available to parents of babies born on May 29, 2013, who open a Future Scholar 529 account by Aug. 30.

"Hospitals all over South Carolina are doing a great job bringing babies into this world.  The State Treasurer's Office would like to help every PalmettoBaby reach his or her full potential by awarding $529 college savings grants when parents or guardians open a 529 account for their newborn," Treasurer Loftis said.  "We hope that other South Carolina families will be inspired to invest in their children's futures by enrolling in the Future Scholar 529 College Savings Plan.  In 2012, the Treasurer's Office negotiated many improvements to the program, making it easier to use and more successful than ever."

Future Scholar allows parents, relatives and friends to contribute tax-free money toward a child's college education. The money is invested and can be removed from the account without paying taxes to pay for college expenses.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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